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Account Ownership

LGFCU lets you select the ownership type that address who manages and how money is managed in an account.

Deposit accounts

When you open a deposit account (e.g. share or checking), you can choose who will have access to the funds, and be accountable for taxes and other ownership responsibilities. Types of ownership include:

An Individual Account is in the name of one individual member of the Credit Union.

A Joint Account is owned by two or more LGFCU members with the right of survivorship.

A Payable Upon Death Account will release funds only to designated beneficiaries.

UTMA Account

The Uniform Transfer to Minors Act (UTMA) allows for an irrevocable gift to a person under 21 years of age. While the funds deposited into a UTMA account are owned by the minor, the adult custodian acts on behalf of the minor and any withdrawals from the account must be used for the benefit of the minor.

Either the minor or the custodian must be a member of LGFCU.

Only one custodian and one minor per account

Dividends are taxable income to the minor child, not the custodian.

When the minor reaches age 21, the custodian must transfer the funds to a new account established in the former minor’s name, if eligible.

Personal Agency Account

When a member needs someone to carry out account transactions for them because, for whatever reason, they are unable to do so.

Member has the right to appoint another person to act as agent for them in depositing and withdrawing funds from their account

The Personal Agent does not have any claim to the funds in the account.